TheChalleger's Journal - My Trading Journey

Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -1, -1, -1 (-∞*)
Wk32: -1.5, +1, +1 / # /# / X / #

X - No entry
# - Absence from trading
* - Daily loss is capped by -3R

-0.5R (GU) + 0.5R (EU) = 0R


GU Breakout trade: -0.5R

I repeatedly found that London open pattern breakouts usually are false breakouts. It almost hit my SL (missed by less than 1 pip), but then went back to 0 pip. I set my SL to - 0.5 R and got hit. Price went to +1R soon after the hitting. It would finally be a winner if I follow the standard setup script.


EU Breakout trade +0.5R

The breakout was beautiful it went to almost TP very quickly. Unfortunately, it missed the TP by 0.2 pip, I moved to TP to about +0.5 R and got hitted. Price went to +1R soon after the hitting.

Need to work longer, but I can't

I want to trade the whole London session and 5 day a week. But it seems that I cannot work that long. It seems there is a limitation in terms of working hours for me.

I tried to trade most of the London session 2 weeks ago, but after 2 days I needed to take time off. Today I traded for only 3 hours then, I want to be off. In fact, if I was comfortable to stay long, I may have +2R today following the standard setup usage. Now, I got 0R.

I believe in working for more hours. I don't think a 9-5 menality can help training excellence.



Miscellaneous Notes:

- The current mental issue is nothing compared to what I have at the beginning.
- Judgement is approaching optimal
- Is it too difficult? Pick only high conviction setups and let number of winners more than number of losers.
- No more experimental trade please. It did more harm than good 90% losing

- My current target is +1R per day (or +20R a month) and PF ≥ 2
- Expand judgement but not less convicted entries.
- Allow bounce trade based on sound judgement (whatever sound reasons).
- Allow retracement touch trade for S/R.
- Need more precise S/R




P.S. I think the best way to be able to work longer is to reduce stress/tension during the work. Imagine that if trading is a completely relaxed activity, like watching TV, playing TV game or browsing internet for leisure, working 9 hour a day would not be a problem at all.

.

It is now 0.5 hour after London Open, I can't start my trading.
I want to take a break.
I really want to take a break.
I really really want to take a break.
My mind is empty and like a stone. How can I concentrate on anything?

The lack of time is a really big problem. I have similar problem. Gotta end all trades by 6:30 a.m. EST. I am up at 1:30 every day to catch things but this month it is hard as market is not moving much. I hate to leave trades running after 6:30 cause there is no continuation now. Partial solution is to go to bed earlier and get up earlier. I am off to bed at 8:00-9:00 p.m. But I am accustomed to getting up early for about 12 years.

Recovered from weeks of burnout. There are hardly any good setups today. I picked one but it is a failure (the setup is legitimate). Kept monitoring my emotion all the way. Have to make it not stressful, otherwise burnout will come back.

wk35.1 -1R

I have 7 hour screen time today... can't see more than the 1 setup taken. It is a typical August day as people said?

The good news is I don't feel exhausted after these 7 hours.

wow, looks like you have been trying for sometime. just sharing some trade ideas, i may not be as experienced as you are.

Try this,
Monday is normally the observation day, take a look on weekly chart and daily chart, identify how the previous week was closed, where was the lowest, where was the highest, where is supply wick, where is demand pin, how bull or how bear is the candle, relate to previous candles.

Thursday and Friday are emotional day for trading, volatility can increased more, don't be feared by the fast up and down of the pips. Price action works well here, try orderboard to know where are the better entries.

If the day close bullish, it's more likely to test it's top first before testing on low/support in Asia hours, then u can do a range trade from top or bottom between 15-30 pips depending on which pair, eur/usd tend to move slower compared to aud/usd in asia hours.

After Asia have finished, its likely to slip into a 2 hours consolidation hours before frankfurt opens, check the 5 or 15 minute candle put 2 horizontal line, place a buy/sell stop for breakout after the most recent's support/resistance.

However, if the daily/weekly chart is bullish, the buy stop is likely to work against sell stop. Why buy? If fundamental, there is nothing dramatic to risk off about, try buy stop instead of sell stop, as indices/stocks/oil is likely to rally, so breakout is stronger.

Next if fundamental is risk off, and daily/weekly is bearish, then sell stop is likely to be favorable.

Keep trying a buy sell stop on frankfurt/london hours, each session last about 2-3hours max, we expect a move of 20-40 pips gain unless major impact days/releases.

If u have a good RR trade, 12-15 pips stop for a possible 20-40 pips gain, try it for 4 weeks 20 days, see how many winners and losers u will get. After the breakout has completed, do scalping ranging up and down until US session unless there are other high impact news/fundamental, if not its more of a scalping consolidation in europe hours.

Don't trade us session if possible, because its the part that most trader can't be consistent. Us session is more complication and should use bigger tf and tl to guage entry.

Forex always move up and down on R/S until a fundamental triggers to move in a biased direction that takes out stops and initial new stops orders, which makes support turns resistance, resistance turns support.

US session can only be label as gambling, retail traders need to understand that news by the time reach us is too late, so we can't anticipate it, the only solution is to use a buy sell stop before a fundamental event on proper price entry on r/s breaking support, breaking resistance.

a good rr will compensate for the overall losses, and profits will be consistent overall.

Sometimes, market are manipulated in a way we think, but its actually the contrary due to human's trades that starts to change side. the movers in us session are tier one bank, one dump or pump is what created the trend in volume.

useful materials: gartley patterns, high probability trades, low risk due to tight stops.
technical analyst of the financial markets, by j. murphy. try going through that a few times., it will help to broaden your views on bull/bear, actually make u none of them.

Wk 35.2 was a messy day again.. loss was capped as -3R

I highlighted 2 trades as attachement. The first trade I taken was not as good as evaluated afterwards.

The second attachement was my last trade, the pattern was a good setup I think, but it is in the middle of news time. Wouldn't have taken it.

August seem difficult, no good setup for the whole day.

The only trade I took today. +1.5R.. (max +3R)

I check the M1 PA to make sure it is not a strike through of the S/R.

I was getting negative after yesterday's messy trading. Only recover back after the winner today. I felt tired after that, perhaps being negative has been making me tired. Negativity is not so terrible these days compared to what I was at the beginning.

Wk35.4

Failed legitimate setup -1R

Pullback to S/R to quick?? Why GU collapsed quickly?
Guys on the interactive was confused after the movement too...

It is the only setup I can find on today's charts

P.S. Because of this breaking news?
http://www.forexfactory.com/news.php?do=news&id=381712

Negative Euro Headlines Are Back Sending EURUSD And Its Derivative, S&P500 To Day's Lows

From zerohedge.com
Read Full Story at zerohedge.com As the Dow crosses 13000 and S&P crosses 1400 - the wrong way - the noise from Europe is picking up: *IMF SAYS IMPLEMENTING MEASURES A `MAJOR CHALLENGE' FOR GREECE *IMF: No Request From Spain For IMF Financial Help *SLOVAK PREMIER FICO SEES 5O% CHANCE OF EURO AREA BREAKUP Bah, what does the Slovak premier know: it is not like he is a member of the Eurozone. Oh wait... EURUSD has fallen 50pips from its intraday highs; Spain 10Y (+19bps to 525bps) is at 3-week wides.

Hi 5percent,

Sorry for late reply. I think you have a completely different trading lifestyle from me. It is quite difficult for me to practise in the same way as you.

I am gradually overcoming my problem. I think.

By the way, have you achieved consistency?

cheers,

K.K.

Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -3*
Wk32: -1.5, +1, +1 / # / # / X / #
Wk33: -0.5, +0.5 / # / # / # / #
Wk34: # / # / # / # / #
Wk35: -1 / -3* / +1.5 / -1 / -0.7, +2
Wk36: # / 0, +1, +1.5 /

I feel your pain and frustration. And the desperate need to quickly (running out of time ....) achieve what you set out to do, and -1R -3R losses can easily damp the spirit. Like dying a slow death, but you kept trying and hoping for the better tomorrow. Keep it up.

http://www.forexfactory.com/acefxtrader might have something real going, check his Trade Explorer and his website. Not promotion, just sharing.

Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -3*
Wk32: -1.5, +1, +1 / # / # / X / #
Wk33: -0.5, +0.5 / # / # / # / #
Wk34: # / # / # / # / #
Wk35: -1 / -3* / +1.5 / -1 / -0.7, +2
Wk36: # / 0, +1, +1.5 / # / +0.5 / #

Thanks!

You are bordering on depression. The feeling of tiredness, even though well rested and ready for London action, made you want to take a break. Please do things that make you happy. Depression is a deep hole that is very difficult to get out on your own. Be careful about your mental strength. Stay strong and ambitious. Don't think negative thoughts.

It's not that kk007 is lacking time and had to stop trading at certain time. He has alot of time and whole day to trade, but he easily got tired. Lethargy. Even though he can trade all day and theoretically can capture EVERY good setup if he is watching closely, he can't. Because he's tired and needed a break. He's even tired right at London open, and could not continue awake. This is emotional problem. I'm worried that he has depression and didn't know it. He's been trying at this for years now and not consistent. The thought that the same "result" will continue for the next few years ..... is scary. He needs winners to break this gloomy thought process. He can't go back to regular work now, so trading/daytrading has to be his 9-5 "work". He has to make it. And quick. Or he will lose psychological capital soon, and that is harder to get back. Hope someone successful and consistently profitable can come help him quick.

Thanks my friends. I think I was burnt out (no depressed) for weeks, maybe because of trading stress. Trading takes year to make a living for most people. I got to accept this view eventually.

Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -3*
Wk32: -1.5, +1, +1 / # / # / X / #
Wk33: -0.5, +0.5 / # / # / # / #
Wk34: # / # / # / # / #
Wk35: -1 / -3* / +1.5 / -1 / -0.7, +2
Wk36: # / 0, +1, +1.5 / # / +0.5 / #
Wk37: -1, +1.5 /

from WW29 to WW37, are you overall profitable? how about putting on Trade Explorer or myfxbook, like how AceFXTrader did.

http://www.forexfactory.com/acefxtrader#68-list

Bounce trade missed!